11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $20.3B | $1.4B | 20.6% | 9.3% | $889M | $4.9B | $2.3B |
| 2024 | $13.7B | $210M | 21.0% | 7.2% | $827M | $5.3B | $1.7B |
| 2023 | $10.8B | $450M | 16.0% | -0.7% | $716M | $5.2B | $530M |
| 2022 | $13.6B | -$1.6B | 9.2% | -17.3% | -$1.8B | $6.5B | $434M |
| 2021 | $12.8B | -$135M | 15.1% | 0.0% | -$3.2B | $2.7B | $403M |
| 2020 | $5.6B | -$171M | 14.2% | 0.0% | -$968M | $1.2B | $301M |
| 2019 | $3.9B | -$115M | 12.9% | 0.0% | -$988M | $717M | $76M |
| 2018 | $2.0B | -$55M | 10.1% | 0.0% | -$558M | $633M | $79M |
| 2017 | $859M | -$63M | 7.9% | 0.0% | -$278M | — | $173M |
| 2016 | — | -$93M | — | — | -$280M | $4M | $39M |
| 2015 | — | -$37M | — | — | -$67M | — | $43M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $6.4B | $250M | 19.8% | 9.0% | $56M | $5.1B | $2.4B |
| Dec '25 | $5.6B | $857M | 18.8% | 7.6% | $379M | $4.9B | $2.3B |
| Sep '25 | $5.6B | $151M | 20.3% | 9.8% | $307M | $5.1B | $2.1B |
| Jun '25 | $4.8B | $183M | 22.0% | 10.6% | -$2M | $5.6B | $1.9B |
| Mar '25 | $4.2B | $216M | 22.0% | 9.3% | $205M | $5.6B | $1.9B |
| Dec '24 | $3.5B | $79M | 21.5% | 7.3% | $36M | $5.3B | $1.7B |
| Sep '24 | $3.7B | $85M | 22.1% | 9.2% | $376M | $5.6B | $871M |
| Jun '24 | $3.4B | $18M | 21.0% | 7.6% | $332M | $5.6B | $542M |
| Mar '24 | $3.1B | $28M | 19.3% | 4.4% | $83M | $5.9B | $252M |
| Dec '23 | $2.4B | -$114M | 16.6% | -1.6% | -$257M | $5.2B | $530M |
| Sep '23 | $2.8B | $782M | 17.4% | 1.7% | $580M | $5.8B | $544M |
| Jun '23 | $3.0B | -$58M | 16.8% | 1.4% | $491M | $7.8B | $541M |
| Mar '23 | $2.6B | -$160M | 13.1% | -5.1% | -$98M | $8.4B | $488M |
| Dec '22 | $2.8B | -$806M | 6.8% | 0.0% | -$800M | $6.5B | $434M |
| Sep '22 | $3.4B | -$283M | 10.6% | 0.0% | -$188M | $7.3B | $316M |
| Jun '22 | $3.9B | -$238M | 10.2% | 0.0% | -$35M | $7.8B | $1.0B |
| Mar '22 | $3.5B | -$260M | 8.5% | 0.0% | -$813M | $6.2B | $247M |
| Dec '21 | $3.8B | -$89M | 13.7% | 0.0% | -$1.3B | $2.7B | $403M |
| Sep '21 | $3.5B | -$32M | 15.0% | 0.0% | -$479M | $3.1B | $297M |
| Jun '21 | $3.3B | $22M | 16.5% | 0.0% | -$719M | $2.3B | $201M |
How the market has priced CVNA against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Carvana's revenue has grown 29.5% per year. These are computed facts, not advice.
As of FY2025, Carvana reported $4.9B of total debt against $2.3B of cash; operating income covered interest expense 3.7×.
In FY2025, gross margin was 20.6%, operating margin 9.3%, and net margin 6.9%.
As of Jun '26, Carvana traded at a price-to-earnings ratio of about 6.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.